CNMD
CONMED Corporation
CNMD's fundamentals are mixed, but it looks cheap: trading at 21x earnings, below its usual 36x. Analysts expect earnings growth.
CNMD Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Weak |
CNMD's profitability is currently healthy, and its revenue and cash flow are stable, but its balance sheet is weak.
CNMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $50.48 | — |
| Cheap | 17x | $41.30 | -18% |
| Current | 21x | $50.48 | — |
| Fair | 36x | $86.56 | +71% |
| Expensive | 76x | $185 | +266% |
Historical ranges are pointers, not guarantees.
CNMD's PE is in its cheap range at 21x. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
CNMD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect CNMD's earnings to grow, with its revenue and profitability holding steady.
CNMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.63 | +91% |
| Q3 2026 | $2.42 | +17% |
| Q2 2026 | $1.85 | -48% |
| Q1 2026 | $1.77 | -54% |
| Q4 2025 | $1.51 | -64% |
| Q3 2025 | $2.06 | -51% |
| Q2 2025 | $3.54 | +13% |
| Q1 2025 | $3.81 | +46% |
| Q4 2024 | $4.25 | +108% |
CNMD's earnings per share have fallen from their peak: $2.42 over the past year, against $4.25 in late 2024.
CNMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $335.6M | -0.7% |
| Q2 2026 | $343.5M | +0.3% |
| Q1 2026 | $317M | -1.3% |
| Q4 2025 | $373.2M | +7.9% |
| Q3 2025 | $337.9M | +6.7% |
| Q2 2025 | $342.3M | +3.1% |
| Q1 2025 | $321.3M | +2.9% |
| Q4 2024 | $345.9M | +5.8% |
CNMD's revenue grew through 2024 and has held roughly level since: $336M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +7.6 points |
| Q2 2026 | 11% | -0.6 points |
| Q1 2026 | 8% | +3 points |
| Q4 2025 | 9.8% | -5.4 points |
| Q3 2025 | 3.5% | -17 points |
| Q2 2025 | 11% | -3 points |
| Q1 2025 | 5% | -6.2 points |
| Q4 2024 | 15% | -0.2 points |
CNMD's operating margin was 11% last quarter, up 7.6 points from the same quarter a year ago.
CNMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $46.7M | -3.7% |
| Q2 2026 | $34.2M | +46% |
| Q1 2026 | $10.6M | -72% |
| Q4 2025 | $41.2M | +4.9% |
| Q3 2025 | $48.5M | +1.5% |
| Q2 2025 | $23.4M | -41% |
| Q1 2025 | $37.8M | +39% |
| Q4 2024 | $39.3M | -24% |
CNMD generated $133M in free cash flow over the past year, down 11% from the year before.
CNMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +8K shares |
| 1 year | -3% | -925K shares |
| 3 years | -4.9% | -1.6M shares |
| 5 years | -6.3% | -2M shares |
| Available history | +2.1% | +630K shares |
CNMD has 30M diluted shares, down 3% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6.2M |
| Q2 2026 | $6.2M |
| Q1 2026 | $37M |
CNMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.3x | High |
| Q2 2026 | 5.2x | High |
| Q1 2026 | 5.3x | High |
| Q4 2025 | 5.1x | High |
| Q3 2025 | 4.8x | High |
| Q2 2025 | 3.8x | Elevated |
| Q1 2025 | 3.7x | Elevated |
| Q4 2024 | 3.5x | Elevated |
CNMD's net debt is about 4.3 years of its operating earnings (EBITDA), down from 4.8 years a year ago.
CNMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.0 | Neutral |
| Stochastic | 49.0 | Neutral |
CNMD's weekly RSI is 59 (neutral) and its Stochastic is 49 (neutral).
CNMD PE vs Healthcare Sector
| Metric | CNMD | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 26x | 19% below |
| PE % | 26 | 29 | 3 pts below |
CNMD is trading at 21x earnings, a 19% discount to the Healthcare sector's median of 26x.
CNMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $47.3 | 6.7% above |
| 20 week MA | $46.2 | 9.2% above |
| 50 week MA | $41.7 | 21% above |
| 100 week MA | $48.5 | 4.2% above |
| 200 week MA | $70.6 | 29% below |
CNMD has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 29% below its 200-week average.
CNMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $110.5 | $112.8 | +2.1% |
| 2021 | $112.8 | $142.0 | +26% |
| 2022 | $142.0 | $86.8 | -39% |
| 2023 | $86.8 | $109.5 | +26% |
| 2024 | $109.5 | $70.6 | -36% |
| 2025 | $70.6 | $40.8 | -42% |
| 2026 YTD | $40.8 | $50.5 | +24% |
CNMD has finished lower in three of the last six years. It's up 24% so far in 2026.